While the notion of a weak U.S. dollar might scare some Americans – U.S. manufacturers may be secretly cheering its slide. A dip in dollar value gives companies like Caterpillar , Deere & Co, General Motors and Ford some leverage against competitors in China and Japan – which enjoy much lower currency valuations – and as a result – cheaper exports.
Andy Busch – a global foreign exchange strategist at BMO Capital Markets – was on “Squawk Box” this morning. He says he has no doubt the National Association of Manufacturers was cheering loudly Monday during its meeting with U.S. Treasury Secretary Henry Paulson. The group had been hankering Paulson for some time to get the dollar down against both the yuan and yen.